One of the biggest misconceptions in the world is the idea that supranational entities are more powerful than the countries they're comprised of.

It's actually the opposite.

I don't want to bring politics into this but the United Nations is a good example, and I'm gonna use this example even though I'd rather not because it's the perfect one.

The United Nations describes itself, in narrative more than in reality, as a world government, when it isn't.

Months after the start of the war António Guterres, Secretary General of the UN, travelled to Russia and was criticised for it. Which is legitimate.

Except for the fact we forget that Russia is a major stakeholder and one of only five (!) PERMANENT members (along with China, France, UK and U.S.) of an organisation that Mr Guterres symbolically runs.

Translated, if one of these five permanent members says "jump", Mr Guterres is going to have to say "how high?"

Is that fair? Should that state of affairs change? Maybe, maybe not. That's beside the point.

It's the same thing with the IMF, the International Monetary Fund.

The IMF is an agency of the UN, which means we go back to square one.

Let's translate that into practical terms.

If the IMF says, which it does, that El Salvador shouldn't buy Bitcoin, El Salvador is in a position to absolutely not give a flying fcuk what the IMF says.

Now, if the U.S. were to say something about it, well, that would be different.

But until then, IMF is irrelevant, which is why El Salvador acquired six more BTC.

Bringing its total holdings to 6,173 BTC, valued at over $637 million.

Good on them.